Ethereum withdrawals from BitMart have surged to their highest level in 2026 as users rush to exit the platform before its trading wind-down. According to data tracked via blockchain analytics platform CryptoQuant, Ethereum withdrawal transactions from BitMart climbed past every prior reading since July 2025. The exchange had previously frozen withdrawals briefly before reopening them within the last day, which triggered an immediate rush for exits. BitMart reported $1.6 billion in 24-hour trading volume, up 51% from the prior period, with Bitcoin making up nearly half of the volume, likely reflecting users pulling funds out ahead of the closure.
The closure announcement has triggered a devastating response for BitMart Token (BMX), which plunged 58-80% in a single day following the shutdown news. BMX traded near $0.07 on July 26 and has fallen about 70% over the past year, cutting its market value to roughly $27 million. User reports of withdrawal slowdowns also appeared around the time of the announcement, adding pressure to the exchange's reputation. For traders, the priority now is to settle positions, check account status, and move assets before the August 26 trading deadline. BitMart has urged users to act early, closing positions and filing withdrawal requests before the cutoff, as requests after August 26 will move to a separate process.
BitMart announced on July 26 that it would shut down trading entirely over the coming months, with registrations, deposits, and new trading orders paused at 01:30 UTC on July 26, 2026. All trading services, including spot and futures, are scheduled to end on August 26, 2026 at 01:00 UTC, while platform operations will officially cease on January 31, 2027 at 15:59 UTC. The exchange has warned that some withdrawals may face extra compliance, security, or processing delays during the wind-down period. Other products including copy trading, grid trading, API trading, and BitMart Earn, staking, lending, and Launchpad services will end in phases. Withdrawals will remain open throughout the entire process.
Global CEO Nenter Chow, who joined from Animoca Ventures and became global CEO in April 2025, revealed he was not consulted about the shutdown decision. According to Chow's statement on X, the company told him on July 24 that it was ending his employment, and his offboarding began right away. He learned of the shutdown when it became public and had no role in the company's decisions after July 24. Chow urged customers to trust only official channels and act quickly on the notice. BitMart has not responded to his statement by publication. The closure reverses the company's recent confidence, as a first-half report in July showed its asset management business grew about 256% from the prior period, with plans to expand prediction markets and tokenized assets.
The closure adds to a run of 2026 shutdowns and has fueled wider debate about consolidation pressure, compliance costs, and shrinking margins across the crypto exchange sector. The timing is particularly notable as multiple exchanges have announced shutdowns in a short span, suggesting the sector is entering a more selective phase where smaller and mid-sized platforms face tighter margins and stronger competition from larger players. BitMEX announced on July 23 it would close permanently on September 23, following a strategic review. Binance co-founder Changpeng Zhao called the BitMart news "tough times (again)" on X, adding that the process looked like an orderly wind-down. According to BeInCrypto data, Ethereum (ETH) itself has held steady near $1,881 during the turmoil.
